South African precious metals miner Sibanye-Stillwater (JSE: SSW)(NYSE: SBSW) has scrapped its planned investment in the Rhyolite Ridge lithium-boron project in the US state of Nevada, due in part to weak prices for the battery metal.
In 2021, Sibanye reached an agreement with Australia’s ioneer Ltd (ASX: INR) to form a joint venture for the project. The Johannesburg-based company was set to invest $490 million for a 50% stake, contingent on various conditions, including a final investment decision by its board.
After reviewing updated studies on the planned mine, Sibanye-Stillwater opted against further investment, stating the project “did not meet the Sibanye-Stillwater investment hurdle rates at prudent pricing assumptions.” The company did not provide additional details.
For the rest of this article: https://www.mining.com/sibanye-walks-away-from-rhyolite-ridge-lithium-project-on-weak-prices/